Labour Steps in to Keep Money Safe for Savers ; Banking

Summary

---

The banking industry may ultimately have to finance a new deposit protection scheme in the wake of the Northern Rock fiasco, Chancellor Alistair Darling has indicated.

He and Prime Minister Gordon Brown yesterday unveiled reforms designed to protect savers in the event of the collapse of a bank. Currently only the first pounds 2,000 of an individual's savings and 90 per cent of the next pounds 33,000 - pounds 31,700 in total - are guaranteed by the Government.

See the full content of this document

Extract

---

Labour Steps in to Keep Money Safe for Savers ; Banking

Mr Darling has said that he wants full protection raised to pounds 100,000, but new laws will be needed. He suggested that the industry itself would have to fund any new g...

See the full content of this document

---